Administering the Estate: The process of gathering together all the estate assets, paying off the debts, and passing on the remainder to those entitled to it. Administrator: Person who obtains letters of administration of the deceased's estate, if the deceased died without a valid will - intestate. A woman is sometimes called an administratrix. Assets: all the property in the estate. Attestation Clause: The formal part at the end of a will, where the person making the Will and the witnesses sign. In Scotland, this is known as a "Testing Clause". Beneficiary: Someone who receives a benefit under a will or intestacy. Bequest: A gift of personal property. (See: Legacy) Codicil: A legal document adding to or altering an existing will. Confirmation: The process of administering an estate in Scotland is called an application for Confirmation. (For rest of UK see Probate) Crown or Treasury: The Government. Where your money and property go if you have not made a will and have no next of kin. Estate: The total value of everything you own at death less any outstanding commitments. All the assets therefore which can be disposed of under the will or which pass under an intestacy. Jointly held assets that pass by survivorship automatically to the other joint owner and "nominated" assets do not form part of the "estate". Executor: Person appointed by the deceased in his or her will to deal with the estate after death. A woman is sometimes called an 'executrix'. Grant of Probate: The legal document issued to the executors of a will after someone's death, which enables them to administer the assets. Guardian: Person or persons chosen by the testator to represent their minor children in the event of their death. Inheritance Tax: A 40% tax payable on estates worth over £300,000. Legacies to charities are free of tax. Intestacy: The rules that dictate the distribution of an estate when an individual dies without having a valid will. Intestate: A person who dies intestate, dies without making a valid will. Issue: Your direct descendants such as children, grandchildren, great grandchildren and so on. Joint Assets: Property owned by two or more people. They may own it as "joint tenants" which means they both own it all or as "tenants in common" which means they each own a named share - usually half each. In Scotland they use the much more sensible terms "joint owners with survivorship" and "joint owners". Joint Tenancy: Property owned jointly with another person. In the event of the death of one tenant the survivor becomes the owner of the property absolutely without the need to leave it in the will. In Scotland called "joint ownership with survivorship". Legacy: a gift left in a will (also called a bequest) It can be... Specific: a gift of a definite object or property. Pecuniary: a gift of a specific sum of money. Residuary: a gift left when other legacies and expenses have been paid Reversionary: a gift to someone for their lifetime which after their death goes to someone else Probate: The legal process to establish whether your will is valid and the legacies can be distributed as specified. In Scotland called 'confirmation'. Residue: The assets left in the estate after all the debts, liabilities and specific gifts have been paid. Specific Gift: A gift in a Will of a particular thing or things. Tenants in Common: A form of ownership by two or more parties, whereby if one of them dies, their share of the property forms part of their estate and does not automatically pass to the other party. In Scotland called "joint ownership". Testator: The person who made the will. A woman is sometimes called a testatrix. Trust: A legal arrangement, which can be made in your will to administer part of your assets after your death. Will: A legal document that sets out the wishes of the testator for the distribution of his or her estate and certain other matters after death. Witness: A person who witnesses the testator's signature on a will.

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